Eurozone Crisis: How Austerity is Obscuring the Big Picture

Pressing global agenda items fell by the wayside at the recent G20 meeting in Cannes as the world's financial leaders again were preoccupied by the European debt debacle. Within days of the meeting, both Italy and Greece had new prime ministers charged with tackling their countries' economic woes. Fariborz Moshirian, a professor of finance at the Australian School of Business, says sorting out the more immediate debt problems in the Eurozone and the focus on austerity is obscuring the big issue, the absence of European fiscal policy union. He predicts further volatility ahead.